Local business advisor on mission to educate businesses about tax incentives

After Chicago native Glen Nielsen spent 10 years teaching Physical Education at a Catholic school on the city’s south side, he decided it was time to expand his education skills into a completely different realm: the insurance industry.

After leaving education to become a broker, Nielsen quickly learned that the insurance industry is a complex maze that can be confusing and often misleading.

“In my 10 years of being in the industry, I’ve seen a lot of bad things happening to good people because they weren’t informed,” he said.

Currently, Nielsen advises small businesses on the 125 Wellness Package, which provides employees with resources to aid them in taking steps to wellness like exercise programs, nutrition consulting and smoking cessation, among other initiatives. Before the Affordable Care Act, Nielsen explained, employees would have to pay extra for a 125 plan.

“Now, they can have those extra benefits at no cost to them,” he said.

Nielsen also said the 125 plan benefits employers, saving them approximately $500 per employee every year.

“If you have 20 employees, its $10,000,” he said. "So you don't have to worry about cutting jobs, benefits, or other incentive programs. It's a win-win situation all the way around."

Although Nielsen was enthusiastic about the 125 plan when he first learned of it, he was a captive agent and could not provide services and advice to outside companies. Then, he said, just a few months ago, he spoke with a friend who specializes in cost-reduction. That friend advised him to move on and become an independent broker so he can use his teaching experience to educate a broad range of companies.

“That’s when a light bulb came on and I said hey, I can do this myself,” said Nielsen.

“So that’s how I became an independent broker and that’s where I am today.”

The 125 Wellness Plan, Nielsen said, also helps trim procurement costs that could ultimately reduce the likelihood of job cuts.

“It’s a win-win situation all the way around,” he said.

Nielsen said as an independent broker, he likes helping smaller businesses but is also happy to provide anyone with advice on payroll tax reduction and procurement cost reduction.

”I’ve got a lot of different companies and a lot of different options for my clients,” he said. “So there are a lot more opportunities.”

Nielsen said his enthusiasm about bringing the 125 plan to businesses has inspired him to write a series of books. The first, “Unvarnished Truth: The Good, the Bad and the Ugly of the Insurance Industry,” will be released in April.

“That’s another thing I’m very excited about,” he said.

Nielsen said this first book is meant to identify the warning signs of unscrupulous agents and misinformation that individuals and companies sometimes receive.

The rest of the “Unvarnished Truth” series, Nielsen said, will focus on how to maximize benefits for different types of insurance including coverage for fire, flood, vehicles and life insurance.

Contact Glen Nielsen at myinsuranceguyglen@gmail.com